AXA Australia has secured another 35 financial planners as a result of a scheme in which its existing advisers sell on some of their clients to entice new recruits.
The initiative, called Discovery, involves AXA buying back clients from established advisers and then passing them on to new advisers who join the group.
The project was first run in 2003 and involved 155 practices nominating those client lists they wished to sell — a move that resulted in 42 new advisers joining AXA to take up the clients who had been passed on.
This year, 35 advisers, largely from salaried bank channels, have become AXA planners, after clients accounting for some 100,000 different policies were sold on by existing advisers.
“We had a target to put on 50, so we’re slightly ahead of achieving that,” Discovery project manager Rob Coxon says.
The offer for established advisers to sell on clients will end in December, however, Coxon says the group will continue to try to expand its network of advisers.
“We are considering a new program but it’s at a very early stage at the moment. We held some discussions last week but it’s too early to say anything at this point,” Coxon says.
According to AXA Financial Planning (AXAFP) head Paul Robertson, the group now has a combined total of 900 advisers — 480 in AXAFP and 420 in Charter.
“Discovery is still a bit of a moving feast at the moment, as we’re continuing to recruit over the second half of the year. There’s been a bit of negativity around the market towards ‘buyer of last resort’ but we’ve found it to be quite a positive experience,” he says.
